Veterans Administration (VA) loans are available to qualified veterans, reservists, and active servicemen and women; these loans allow you to secure a mortgage up to a specified amount with no down payment and with flexible qualifying guidelines. The loans typically offer lower interest rates than you would find on any other mortgage. An application, a veteran’s certificate of eligibility, and a VA-assigned appraisal are required.
To obtain a VA loan, the law requires that:
❑ The applicant be an eligible veteran who has available entitlement
❑ The loan be for an eligible purpose (such as the purchase of a primary home)
❑ The veteran occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan
❑ The veteran be a satisfactory credit risk
❑ The income of the veteran and/or spouse be stable and sufficient to
meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support Find out more about VA loans at the VA’s Home Loan Guaranty Web site: www.homeloans.va.gov.
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